Brand management is one of the key functions of the marketing process that makes use of several methods in order to enhance the estimated value over a certain period of time.
Brand management, if carried out in an efficient manner, allows the prices of products or services to increase and helps in developing brand loyalty among customers.
In order to create a successful management plan, the key requirements are detailed knowledge, best marketing strategies, the target customers and the company's values and objectives. Managing a brand can be of vital importance in ensuring its success and profitability in the long run.
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The role of brands is vital not only in terms of keeping customers engaged but also in the effective management of the business. Customers usually tend to trust a product or service if it is able to meet all the requirements that it promises to meet.
Once a distinct level of loyalty has been established among the existing customers, the company can then make efforts to build trust among their newer customers.
There are a number of elements of brands such as logos and slogans that look to attract the attention of consumers and display the personality of the brand. The most common thing that can be considered as a brand is a physical product.
Sometimes there is more than one product associated with a brand. Apart from products, even services provided by a company can also be considered as a brand. Organizations that manufacture products or provide services can also be termed as brands.